Daewoo Shipbuilding Rallies on Newbuild Order, BlackRock Investment

Shares of Daewoo Shipbuilding & Marine Engineering Co Ltd rise as much as 3.8 pct.

The South Korean shipbuilder says it has received a new order worth 444 bln won ($397.28 mln) from the country's procurement agency, Defence Acquisition Program Administration (DAPA), to build one ship.

Separately, BlackRock Inc increased its stake in Daewoo Shipbuilding to 5.57 pct from 4.42 pct, according to co's regulatory filing on Thursday. The stake purchase by the U.S. investment firm underlines its positive outlook for the shipbuilding industry, says Um Kyung-a, an analyst with Shinyoung Securities.

Reporting by Heekyong Yang